what's the deal here?

Discussion in 'Order Execution' started by vladiator, Feb 17, 2003.

  1. Anyone have a recent copy of the NYSE Constitution and Rules?
    I'm trying to get some info on #2090, Rule 90, concerning the "G" trades. "...member firm trading for its own account must publicly identify that the order is principal." is all the info I have about these, which is way too succinct for me to understand the mechanics behind these and whether I need to drop them from my analysis or not...
    Any help would be immensely appreciated guys. I did call NYSE about the Constitution. Man, this IS a capitalistic country, they charge smth like $40 for it! That's a bit more than I wanna pay for a paragraph from it...
  2. Member Dealing for Their Own Accounts


    Dealing by Members on the Exchange

    Rule 90 a. No member or member organization shall effect any transaction in any security on the Exchange for his or its account, the account of an associated person, or an account with respect to which the member, member organization or an associtated person thereof exercises investment discretion. For the purposes of this Rule, the term "associated person" has the meaning set forth in Section 3a21 of the Securities Exchange Act of 1934 (the Act).

    b. The provisions of paragraph (a) of this Rule shall not apply to transactions effected pursuant to the exemptions contained in section 11a1a through (H) of the Act, or a rule adopted thereunder.

    c. No bid or offer made by a member on an order for the account of a member or member organization subject to Section 11(a)(1)(G) of the Act and Rule 11a1-1 (T) thereunder shall be entitled to priority over, parity with or precedence based on size over any order which is for the account of a person who is not a member, member organization or an associated person thereof.

    d. Immediately before executing an order pursuant ot Section 11(a)(1)(G) of the Act and Rule 11a1-1(T) thereunder, a member (other than the specialist in such security) shall clearly announce or otherwise indicate to the specialist and to other members then present in the trading crowd in such security that he is representing an order to be executed pursuant to these provisions.

    This is as of October 98.

  3. Thanks!!!
  4. I have the May 2002 constitution and rule book the last one the CCH published and it reads identical so that is the latest.
  5. Are you agency or principle?
  6. I'll PM you in a sec.
  7. It's not capitalism.....it's membership...if you are a NYSE member it wouldn't cost you that...membership has isn't privileges....but all securities organizations must submit their rules for public display with the sec.....check their archives in the future for any rules of the SRO
  8. That's what I figured, but I couldn't find any publicly available info and I wasn't sure if it was available for free at all. Thanks for the info, I'll check their archives as I need to look up a bunch of other NYSE rules and regs.